Meeting Marks Financial Progress and Challenge

The congregation approved paying off the remaining $280,000 of our fixed rate mortgage note, primarily using a large bequest received this summer. In 2003, FFC refinanced $2.3 million of mortgage and building improvement loans into a $1.3 million fixed note at 5.94% and a $1 million variable rate note, now at 5.2%. The remaining $383,000 of the variable rate note will still be paid off by the fall 2010 through budgeted monthly payments.

The congregation also approved a General Fund budget for 2008/2009 of $1,832,788. This budget amount is less than last year’s $1,895,000 budget. Nevertheless, due to retiring a significant portion of our existing debt, the $110,000 saved in mortgage expenses allows us to increase spending for ministry over last year.

To meet this budget will require a significant commitment to financial stewardship on the part of every participant in our ministry. The budget for 2008/2009 is $62,000 less than last year’s budget. Still, the budget for 2008/2009 is 5% greater than our giving for this year. This will be a stretch, but will allow us to more fully depend on God as we seek to financially support ministries designed to reach those people who need to experience the hope and love that only Jesus can provide.